Swifty Corporation had two issues of securities outstanding: common stock and an 7% convertible bond issue in the face amount of $15700000. Interest payment dates of the bond issue are June 30th and December 31st. The conversion clause in the bond indenture entitles the bondholders to receive forty shares of $20 par value common stock in exchange for each $1000 bond. On June 30, 2021, the holders of $2355000 face value bonds exercised the conversion privilege. The market price of the bonds on that date was $1300 per bond and the market price of the common stock was $34. The total unamortized bond discount at the date of conversion was $1070000. In applying the book value method, what amount should Swifty credit to the account "paid-in capital in excess of par," as a result of this conversion?

$1413000.

$ 706500.

$ 157000.

$ 310500.